Indian Oil Corporation, Hindustan Petroleum Corporation, GAIL, Bharat Petroleum Corporation, and Oil and Natural Gas Corporation exceeded their capex targets, investing in projects such as the Barmer refinery, biofuel production, and gas marketing network.
Distressed debt aggregator Acre Asset Reconstruction Company (ARC) plans to sell Nagarjuna Fertilizers and Chemicals, seeking ₹1,600 crore from bidders. The sale includes the Kakinada urea plant and other assets. However, the company faces issues with gas supply, litigation, reimbursements, and land usage norms.
The current rally in their stock prices could have been far bigger and longer-lasting if the UPA government’s reforms in energy-product prices had been made real and not reversed in practice by the BJP government.
Positive setup was seen in stocks like M&M, HPCL, Mphasis, NMDC, Federal Bank, GAIL, BPCL, Power Grid, PNB, Canara Bank, ONGC, IOC, NTPC, Bank Baroda, Cummins Ind, SBI, Coal India etc. among others.
Consumers in India are highly price sensitive, and affordable gas pricing is the only way to ensure that they do not switch to other fuels, said Sanjay Kumar, Director (Marketing).
Coal gasification and liquefaction of 100 million tonnes will be set up by 2030, Finance Minister Nirmala Sitharaman had announced this month. In January, the government approved an outlay of Rs 8,500 crore as financial assistance for promoting coal, lignite gasification projects.
Hemang Jani says It would be good to go through some degree of correction, some degree of consolidation, and that will throw up more opportunities for everybody. Volatility is expected during the market s volatile phase, so caution should be exercised when buying momentum stocks. However, overall market stance, including the Nifty and banking stocks, remains unchanged.
GAIL (India) Ltd and Indraprastha Gas Ltd emerge as top bidders in Reliance Industries Ltd s recent e-auction of coal-bed methane gas. The auction, held for 0.90 million standard cubic meters per day, saw GAIL acquiring 0.63 mmscmd and IGL picking up 0.14 mmscmd. Bidders offered premiums of up to USD 11 per million British thermal unit, based on 12.67% of the Brent crude oil price. The gas supply contracts span 1 to 2 years from April 1.